Tuesday 23 October 2018 \

 

Economy

Saudi Arabia raises $2 billion with new Islamic bonds

Saudi Arabia has raised $2 billion in new sukuk, or Islamic bonds, completing its external funding requirements for 2018.
 
The transaction is the kingdom’s second international sale of sukuk after a $9 billion issue last year.
 
The bond sale was “part of the Ministry of Finance’s commitment to the development of the Shariah-compliant debt capital markets,” the country’s debt management office said in a statement on Thursday.
 
 

Oil & gas among top performers in business: study

Oil & gas, metals & mining, and construction sectors emerged among the top 10 performers with over 10 per cent growth in both revenue and profitability between 2016 and 2017, said a report.
 
Pharma, banking, and medical devices turned out to be the weakest performers with less than 10 per cent growth across both measures, added the latest business sector performance analysis 2017, researched by GlobalData, a leading data and analytics company.
 
 

Dubai Metro yields $18bn for economy in 8 years: study

Accumulated benefits of Dubai Metro in the period between its establishment in 2009 and end of 2016 reached Dh66 billion ($18 billion) compared to accumulated capital and operational costs of about Dh41 billion, i.e. the cost-benefit ratio reached 1.6 by the end of 2016, a report said.
 
 

Gulf bond sales fall as oil rises

The sale of Islamic bonds in the Gulf fell in the first half of 2018 as increasing oil prices lessened the region’s need to plug government deficits with additional fundraising, a report said.
The region saw Islamic bond - or sukuk - issuance fall by 32 percent to reach $16.7 billion in the first half of 2018, according to research on Tuesday from ratings agency Moody’s Investors Service.
 

UAE ranks highest globally in halal tourism spending

Driven by the UAE, halal tourism is projected to grow further in the coming years due to an increase in the Muslim population and the rise of middle class in Muslim-majority countries.
 
A new study has revealed that UAE residents are the world's highest spenders of halal tourism outside the country, spending Dh64.6 billion ($17.6 billion) last year.
 
 

OPEC August oil output tops 2018 high: Poll

OPEC oil output has risen this month to a 2018 high as Libyan production recovered and Iraq's southern exports hit a record, a Reuters survey found, although a cut in Iranian shipments due to US sanctions limited the increase.

 

Russian ruble at lowest since 2016 on US sanctions fears

The Russian ruble has fallen to its lowest level against the dollar since April 2016 amid fears of new economic sanctions by the United States.
 
In Thursday morning trading in Moscow, the ruble had fallen by around 2 percent to trade at nearly 69 to the dollar.
 
The latest drop in the value of the Russian currency came amid talk that the U.S. was readying further sanctions. On Tuesday, the U.S. slapped sanctions on two Russian shipping companies over alleged oil trading with North Korea.
 

Islamic banking assets hit $1.69trn in Q1: IFSB

With the inclusion of new countries’ data, the total assets of the Islamic banking industry grew to $1,699 billion in the first quarter of 2018 (2018Q1) from $1,573 billion in 2017Q1, marking an increase of 8 per cent, said the Islamic Financial Services Board (IFSB).

IFSB has announced the dissemination of country-level data on financial soundness and growth of the Islamic banking systems for Q1 of 2018 from 21 IFSB member jurisdictions.

 

Iran Date Exports Grow 27.7% to $102m in 4 Months

Close to 89,220 tons of different kinds of dates worth more than $102 million were exported from Iran to 69 countries during the first four months of the current Iranian year (March 21-July 22).

 
 

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